Reference no: EM132677870

Veteran Corporation purchased land for $212,000. Later in the year, the company sold a different piece of land with a book value of $127,000 for $144,000.

Problem 1: How are the effects of these transactions reported on the statement of cash flows assuming the indirect method is used? Use the minus sign to indicate cash out flows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank.

Transactions                                              Action                                                             Amount
1) Gain or loss on sale of land           Deducted from net income                          what is the amount?

2) Cash received from sale of land    Part of cash flows from investing activities      what is the amount?

3) Cash paid for purchase of land       Part of cash flows from investing activities        what is the amount?